Walmart to shutter 269 stores due to increasing competition
No stores to close in South Florida
NEW YORK – Walmart is closing 269 stores, more than half of them in the U.S. and another big chunk in its challenging Brazilian market.
The stores being shuttered account for a fraction of the company's 11,000 stores worldwide and less than 1 percent of its global revenue.
The closures will affect 16,000 workers, 10,000 of them in the U.S.
The announcement comes three months after its CEO Doug McMillon told investors the world's largest retailer would review its store fleet in amid increasing competition from all fronts, including from online rival Amazon.com.
A Walmart representative told Local 10 News that no stores would be closing in South Florida, because the area is considered to be a growing market. Three stores in North Florida are expected to shut down.
In the U.S., 154 locations will be closed, most of them small format stores called Walmart Express, which were launched as a test program in 2011. The remaining 115 locations to close are spread over Latin America, mostly in Brazil.
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